Have you inherited a garage and wondered what it is really worth? Its value is often underestimated, but it can be an asset worth over €40,000. This guide will show you how to determine the market value online based on data.
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The topic briefly and concisely
Legal status is crucial: Check the declaration of division to determine whether it is private ownership or a right of special use, as this directly affects marketability.
Location and land value dominate: In cities with a parking shortage, a garage can increase the value of a property by up to 10%; the pure land value alone can exceed €20,000.
Two online methods are used: The comparative value method (analysis of sales portals) and the income value method (based on rental income) provide an initial solid value indication.
An inherited garage is far more than just a parking space; it is an asset whose potential many heirs do not immediately recognize. The question "What is the garage worth?" is crucial, as the answer influences sales decisions and the amount of inheritance tax. There is no one-size-fits-all answer, as the value can range from €2,000 for properties in need of renovation to over €48,000 in sought-after locations. This article guides you through a structured process to estimate the value of an inherited garage online – from legal classification to the analysis of value drivers and tax relevance. This way, you make informed decisions based on facts, not just gut feelings.
Key Points at a Glance
Legal status is crucial: Check in the partition declaration whether it is individual ownership or a special usage right, as this directly affects marketability.
Location and land value dominate: In cities with parking shortages, a garage increases the property's value by up to 10%; the pure land value can already exceed €20,000.
Utilize two online methods: The comparative value method (analysis of sales portals) and the income value method (based on rental income) provide an initial solid indication of value.
Consider tax allowances: The garage value is added to the estate. An accurate valuation can help reduce the inheritance tax burden, which applies after deducting allowances (e.g., €400,000 for children).
Step 1: Clarify the legal status of the garage before evaluation
Before you estimate the value of an inherited garage online, you need to know its legal status. This is defined in the property's declaration of division and has a significant impact on the value. Often, a garage is not a standalone building but legally linked to an apartment.
There are mainly two relevant forms:
Freehold ownership: The garage is permanently registered in the land registry as part ownership and can, in theory, be sold independently of the apartment. This increases flexibility and value by up to 15%.
Right of exclusive use: You may use the garage exclusively, but legally it belongs to the communal property. A separate sale is not possible, which reduces the value.
A garage as freehold ownership is always more valuable, as it appeals to a broader range of buyers. Therefore, a thorough examination of these documents is the first indispensable step to avoid misestimations. For more information on what to consider with an inherited property, visit our blog. This legal basis determines the applicable valuation strategies.
Step 2: Identify location, land value, and condition as value levers
Three factors primarily determine the market value of your inherited garage: the location, the land value, and the structural condition. A detailed analysis of these aspects is essential for a realistic appraisal. The Immobilienwertermittlungsverordnung (ImmoWertV) provides the legal framework for this.
Location: The undisputed price driver
Location is the most important value factor. In densely populated city centres with high demand for parking spaces, garages fetch top prices. Rent offers a preliminary indication: In Munich, rents can be up to 200 euros per month, in Frankfurt even up to 290 euros. A garage in such a prime location can increase the value of an associated apartment by 5% to 10%.
Land value: The hidden capital
Often, the value of the land component far exceeds that of the pure building substance. A garage, including driveway and clearance areas, occupies around 40 to 50 square metres of land. You can view the ground reference value for this property for free via the Bodenrichtwertinformationssystem (BORIS-D). An example calculation: 45 m² at a ground reference value of 500 €/m² results in a land value of 22,500 euros.
Condition: The factor for deductions or surcharges
The structural condition directly impacts the value. Renovation needs lower the price, while good maintenance justifies it. Typical cost points include:
Roof renovation: Sealing or renewing the roof costs between 400 and 2,000 euros.
Garage door: A new, modern door can cost between 1,000 and 2,500 euros.
Moisture: Damage caused by dampness can result in expensive consequential damages, reducing the value by over 20%.
Equipment: An electricity connection or a wallbox for electric cars can increase the value by several thousand euros, as the KfW subsidises the installation with 900 euros per charging point.
A quick online value analysis can help you transfer these factors into an initial estimate. Once these fundamental value drivers are analysed, you can apply specific valuation methods.
Step 3: Estimate the value of the inherited garage online using two methods
With the information about legal status, location, and condition, you can now narrow down the value of your garage online using two established methods. These methods are also used by professionals in practice and are anchored in the ImmoWertV.
The Comparison Method: What is the market paying?
This method is closest to the market and ideal for an initial online estimate. You analyse the prices at which comparable garages in your area are currently being offered or sold. The accuracy depends heavily on the data situation. Check the following portals:
Property portals (e.g., ImmoScout24, Immowelt)
Classifieds platforms (e.g., Kleinanzeigen.de)
Local newspapers and notices
Ensure as much consistency as possible in terms of location, size, and condition. The price range can be enormous: A garage in need of renovation might be offered for 3,000 euros, while a well-located property in Munich was sold for 48,000 euros.
The Income Method: What rent can the garage bring?
This method evaluates the garage as an investment. The central question is: What yield can I achieve? The calculation is simple: Annual cold rent minus operating costs, multiplied by a factor (the so-called multiplier). The factor for garages is usually between 7 and 10. Example: With a monthly rent of 80 euros (960 €/year) and 100 euros in costs, the net income is 860 euros. Multiplied by a factor of 10, the capitalised value is 8,600 euros. The significance of online valuations increases when you combine both methods. This gives you a well-founded price range that serves as a basis for the next step: the tax valuation.
Step 4: Consider the tax aspects of the inherited garage
Once you have determined the value of the garage, a crucial step follows: taking it into account for inheritance tax. The value of the garage is added to the total estate and is subject to tax if the statutory allowances are exceeded. An accurate valuation is worth real money here.
Personal allowances are tiered according to the degree of kinship. For example, the allowance is 400,000 euros for children and 500,000 euros for spouses. If the total value of the inheritance – including the garage – exceeds this amount, inheritance tax is due on the difference. The tax office often uses standardised procedures for valuation, which do not always accurately reflect the real market value. An overestimated value results in an unnecessarily high tax burden. However, you have the right to prove a lower market value through a qualified appraisal. A precise, data-driven valuation can therefore reduce your tax burden by hundreds or even thousands of euros. Use an inheritance tax calculator to get an initial indication of your potential tax liability. With a solid valuation, you are well-prepared for communication with the tax office.
Step 5: Leverage the Value of Your Garage Strategically
You have checked the legal status, analysed the value drivers, made an initial estimate, and considered the tax implications. This has given you a solid foundation for deciding the future of the inherited garage. The process shows: The value of a garage is a complex sum of location, legality, and condition. An online estimate provides a valuable initial orientation and protects you from major misjudgements. However, for binding occasions such as selling or submission to the tax office, a deeper, data-driven analysis is essential. This is where AI-powered valuation bridges the gap between a general estimate and an expensive appraisal. With a precise value in hand, you can optimally integrate the inherited garage into your asset planning. Our digital inheritance manager supports you in overseeing and strategically planning all aspects of your real estate inheritance.
Conclusion
Estimating the value of an inherited garage online is reliably possible with a systematic approach and is the first step towards a smart wealth decision. Contact us now or chat with our ImmoGPT to receive a precise and objective evaluation of your inherited property.
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Additional useful links
Deutscher Bundestag provides comprehensive information on inheritance tax, which is relevant for the valuation of inherited real estate.
Statistisches Bundesamt provides current data on construction prices and real estate price indices, essential for a realistic appraisal.
Deutsche Bundesbank offers FAQs on technical aspects of the Residential Property Credit Directive (WiKri), which can indirectly affect property value.
Bundesfinanzministerium provides detailed information on inheritance and gift tax, knowledge of which is crucial for the tax assessment of an inherited garage.
Bundesfinanzministerium explains the application of regulations for the valuation of real estate within the framework of inheritance and gift tax.
Gesetze im Internet offers the current Property Valuation Ordinance (ImmoWertV 2022), which forms the legal framework for the valuation of real estate.
Gesetze im Internet provides the Building Code (BauGB), which contains important regulations that can affect the value of properties.
FAQ
What documents do I need to estimate the value of my inherited garage?
You primarily need the declaration of division to clarify the legal status (special property or special usage rights), a current extract from the land register, and ideally, information about the construction year and any renovations of the garage.
What is the difference between the market value and the standard value of a garage?
The market value is the price that could currently be achieved in a sale. The standard value is an outdated tax assessment basis that is significantly lower than the market value and is now only relevant for property tax, not for inheritance tax.
How does an upcoming renovation affect the garage value?
Upcoming renovations decrease the value. The estimated costs, for example, for roof sealing (approx. €400 - €2,000) or a new gate (approx. €1,000 - €2,500), are usually deducted from the determined market value of a well-maintained garage.
Do I need to hire an appraiser for the assessment?
For an initial orientation or a sale to an informed buyer, a well-founded online estimate is often sufficient. For legally binding purposes, such as submission to the tax office to reduce inheritance tax, a market value appraisal by an expert or a recognised digital valuation solution like that from Auctoa is required.
Does a charging station for electric cars increase the value of the garage?
Yes, significantly. A wallbox makes the garage future-proof and very attractive for electric car owners. The increase in value often exceeds the pure installation costs, as the demand for charging options is high and continues to rise.
What should I do if I can't find comparable properties for my garage?
If comparable data is lacking, the income approach (based on achievable rent) becomes the primary method. Alternatively, the intrinsic value (land value + building value) can be determined, although this is more complex. In such cases, an AI-driven analysis that draws on broader market data offers a reliable alternative.
